>> rupert murdoch sits on top of the media enterprise that runs news of the world. >> reporter: the news of the world has been an institution in britain for 168 years. but the people we spoke to say it was time for the murdoch family to pull the plug. >> unbelievable that something like this has been going on for so long. >> yeah. i'm glad news of the world is now closing down their paper. >> reporter: some media watchers believe the shutdown is calculated. because murdoch is trying to secure a major deal to take over british sky broadcasting. if the deal is blocked, it could cost him billions. rita nissan, wjz eyewitness news. >> reporter: investors have reacted to the scandal scares. they closed down 7% in today's trading. that's more than a billion dollars in lost revenue. >>> president obama says the continuing debate over the nation's debt is now contributing to the sluggish economy. the president said the uncertainty has caused businesses to hold back on investments and creating new jobs. congress has until august 2nd to come up with a plan to raise the debt ceiling. republicans an